Pension vs ISA

This app demonstrates how much better off you are by putting money into your pension versus saving it in an ISA.

Pension contributions reduce your tax bill now but you must pay tax on pension income after retirement. That is after you have taken 25% of your pension fund in a tax free lump sum.

Contributions of up to £20k can be made to an ISA each year from taxed income and no further tax is paid on it in the future.

Pension income can only be accessed at age 55 but money in ISAs can be withdrawn at any time.